During the past six months while speaking with some
of our smaller law firm clients (40 attorneys and
under) we have been asking them how they are doing
during these troubled times and what is keeping them
awake at night.
In general our smaller firm clients are holding their
own pretty well - most are performing at last year's
levels financially and almost none have had to lay off
employees. Here is what is keeping them awake
at night:
- Getting and keeping clients
- Getting paid
- Profitability
- Acquiring and retaining staff
- Time management
- Avoiding bar complaints
- Problem clients & managing their expectations
- Succession & exit planning
- Work-life balance
We suggest that you conduct a self-assessment
(management review) or have one done by a
consulting firm and develop a plan for dealing with
each of the above issues. In a typical long range plan
there would be strategies and action plans to deal
with each of these. Here are a few other
ideas.
